France secures major investments and jobs  from Amazon, Pfizer, and Morgan Stanley

France on Sunday secured commitments from tech giant Amazon, pharmaceutical company Pfizer, and investment bank Morgan Stanley, heralding new jobs and investments for the nation.

This comes as President Emmanuel Macron prepares to launch the annual ‘Choose France’ summit, aimed at attracting foreign investment.

Amazon pledged an additional investment of 1.2 billion euros in France, potentially generating 3,000 new job opportunities, according to announcements made by the French presidency.

Furthermore, Pfizer and AstraZeneca unveiled plans for new investments adding up to nearly $1 billion in the healthcare sector.

Finance Minister Bruno Le Maire said that Morgan Stanley had plans to expand its presence in Paris, with plans to increase its workforce to 500 by 2025, including the addition of 100 staff in the French capital.

Macron’s vision aims to enhance Paris’ stature as a premier European business hub, despite economic challenges such as a low first-quarter growth rate of 0.2 percent and budget deficit pressures.

While Paris seeks to solidify its position as a global financial centre, it faces stiff competition from established hubs like New York and London.

Le Maire acknowledged the ongoing rivalry with the United States and China, stressing the importance of fostering competitiveness and innovation within the European Union.

To address these challenges, he noted that there was the need for initiatives like a capital markets union to stimulate investment in emerging sectors such as renewable energy and artificial intelligence.

As part of the ‘Choose France’ event, Le Maire revealed plans to convene meetings with top executives from leading financial institutions, including JPMorgan, Goldman Sachs, Morgan Stanley, and Bank of America.

These discussions aim to cultivate partnerships and encourage continued investment in France’s industrial and economic projects, aligning with Macron’s vision for sustained growth and prosperity.

(With inputs from Reuters)